Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below.) Outdoor Expo provides guided fishing tours. The company charges $220 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($935 = $187 * 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 4% discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance May 20 Charlene pays for the tour after deducting the sales allowance. of 40% of the amount due. oblem 5-2A Part 2 Show how Outdoor Expo would present net revenues in its income statement (Round your answers to 2 decimal places.) OUTDOOR EXPO Partial Income Statement tal tour revenues PS End % 5. 9 0 Problem 5-4A Part 1 Required: 1. Calculate the allowance for uncollectible accounts. Age Group Estimated Amount Uncollectible Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total Required information Problem 5-4A Record transactions related to uncollectible accounts (LO5-4, 5-5) [The following information applies to the questions displayed below) Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021. Pearl provides services on account of $583,000. Of this amount, $73,000 remains receivable at the end of the year . An aging schedule as of December 31, 2021. is provided below. Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $33,000 SX 0-90 days past due 15,38 10% 91-188 days past due 10,300 30% More than 180 days past due 14.400 80% Total $73,000 Problem 5-4A Part 2 2. Record the December 31, 2021. adjusting entry, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $4,300 (credin (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account tield.) View transaction list Required information Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal
